What Professional Liability (E&O) Insurance Requirements Apply in Virginia?

Virginia exchange facilitators must maintain at least $250,000 in E&O or provide equivalent cash or an irrevocable letter of credit. A separate rule applies to financial-institution subsidiaries and affiliates acting as settlement agents, so confirm which legal class your business fits before using either limit as your benchmark.

What Is Professional Liability (E&O) Insurance?

Professional liability can help pay defense costs and covered losses when a client says your advice or service caused financial harm. If customers rely on your work, list every service you provide and check the claims-made reporting and prior-work terms. Read the national Professional errors and omissions (E&O) guide.

Virginia Professional Liability (E&O) Insurance Requirements

Requirement	Details
Exchange facilitator assurance	At least $250,000 E&O, or equivalent cash / irrevocable letters of credit ¹

What to Watch for With Professional Liability (E&O) in Virginia

The E&O Amount Has a Noninsurance Route
Virginia allows an exchange facilitator to satisfy the $250,000 floor with cash or irrevocable letters of credit instead of E&O. If you choose insurance, verify the authorized insurer and ask what policy limits, retention, and reporting terms apply beyond the statutory floor. ¹
Settlement-Agent Rule Covers a Narrower Class
For financial-institution subsidiaries and affiliates acting as settlement agents, Virginia requires at least $250,000 E&O per occurrence or claim, annual filing, and separate fidelity protection or employee-dishonesty coverage plus a $100,000 bond. Ask counsel or the regulator whether your entity falls within this class before treating those terms as generally applicable to settlement agents. ²
Employee-Dishonesty Waiver Is Limited
The settlement-agent rule lets a company with no employees other than its owners, partners, shareholders, or members apply for a waiver of the employee-dishonesty requirement; it does not waive the E&O policy or the separate bond listed in the rule. Confirm any waiver directly before relying on it. ²

Providers With Virginia License Records

These providers publish a national listing for Professional errors and omissions (E&O); the license records below name the licensed entities and roles. Some records rely on company-reported information rather than independent regulator verification. A national listing does not confirm the product is available in Virginia. Check the regulator’s license lookup and confirm state availability for your business when requesting a quote.

At-Bay
Insurance producer, Surplus-lines broker · checked 2026-09-28
At-Bay Insurance Services LLC
At-Bay’s license page lists P&C producer and surplus-lines broker license numbers for all 50 states and the District of Columbia. These are company disclosures and do not establish product availability in each jurisdiction. ⁸
At-Bay offers primary miscellaneous professional liability insurance.
Coalition
Insurance producer, Surplus-lines broker · checked 2026-09-28
Coalition Insurance Solutions, Inc.
Coalition’s license page lists producer and surplus-lines licenses for Coalition Insurance Solutions, Inc. in all 50 states and the District of Columbia. The page separately lists insurers; this record covers the brokerage entity only. ⁹
Coalition offers miscellaneous professional liability as an addition to eligible Active Cyber policies.
Corgi
Insurance producer · checked 2026-09-28
Corgi Insurance Services, Inc.
Corgi’s company producer-license table lists 50 jurisdictions: 49 states and the District of Columbia, including DC license 3003091619. New Mexico does not appear in the table and is not included here; the omission does not establish that Corgi is unlicensed there. The company-reported table has no stated as-of date and does not establish product availability. ¹⁰
Corgi lists miscellaneous errors and omissions coverage for service-based businesses.
ERGO NEXT Insurance
Insurance producer · checked 2026-09-28
Next First Insurance Agency, Inc.
ERGO NEXT’s current license table lists Next First Insurance Agency, Inc. in 50 jurisdictions, including Washington, DC; New York is excluded because its table rows name Next Insurance Services and AP Intego, not Next First. The table is company-reported; it does not establish product availability or provide state-regulator verification for each entry. ¹²
ERGO NEXT lists professional liability insurance, also called errors and omissions insurance.
Hiscox
Insurer · checked 2026-09-28
Hiscox Insurance Company Inc.
Hiscox’s U.S. company information states that Hiscox Insurance Company Inc. is licensed in all 50 states and the District of Columbia. This is company-reported insurer authority for this entity and does not establish which company issues every Hiscox-branded product. ¹¹
Hiscox offers professional errors and omissions insurance for small businesses.
TechInsurance
Insurance producer · checked 2026-09-28
Specialty Program Group LLC
TechInsurance’s current licensing page names Specialty Program Group LLC / SPG Insurance Solutions and lists state license numbers, but labels Rhode Island “Individual licenses” rather than identifying a license for the named agency. RI is omitted because this disclosure does not establish agency authority there; this is a search limitation, not an assertion that the company is unlicensed. The remaining state entries are company-reported and are not an insurance product availability map. ¹³
TechInsurance arranges professional errors and omissions insurance for small businesses.
Vouch
Insurance producer, Surplus-lines broker · checked 2026-09-28
Vouch Specialty Insurance Services, LLC
Vouch’s licenses page, effective January 16, 2025, lists producer licenses in all 50 states and DC. Its separate surplus-lines table includes Idaho number 870820, while a footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses. Because those statements conflict for Idaho, this record keeps Idaho producer-only and does not treat the table number as established agency surplus-lines authority. The page is company-reported and does not establish product availability. ¹⁴
Vouch lists errors and omissions among the core coverages in its professional-services programs.

Who Regulates Insurance in Virginia?

Virginia State Corporation Commission, Bureau of Insurance

The Virginia State Corporation Commission, Bureau of Insurance administers Virginia insurance laws, oversees insurers and insurance producers within its authority, and provides regulatory and consumer resources. You can use the department's complaint process to raise an insurance issue and its licensing resources to check insurance professionals. ^3,^4,⁵

Website: Regulator website
License lookup: Search licensed producers
Complaints: File a complaint

Surplus-Lines Tax and Stamping Office in Virginia

Reported tax rate. 2.25% of premium plus up to 0.1% Bureau Special Fund assessment ^6,⁷

The NAIC's state chart lists a 2.25% of premium plus up to 0.1% Bureau Special Fund assessment charge for surplus-lines coverage for Virginia (the chart's state entries were reviewed in October 2025). Your broker may collect the applicable amount with the premium. Surplus-lines insurers are not licensed in the state and generally are outside state guaranty-association protection; ask your broker to explain the insurer's financial protections and any diligent-search requirement that applies to your placement.

Questions to Ask Before You Buy Professional Liability (E&O) in Virginia

Are we an “exchange facilitator” under Chapter 8, a financial-institution subsidiary or affiliate acting as settlement agent, or neither?
If we use E&O rather than cash or a letter of credit, does the insurer meet Virginia’s authorization requirement?
For a settlement-agent affiliate, who files our E&O policy, fidelity evidence, and bond with the Bureau and State Bar each year?
If the company has only owner-employees, has the Bureau granted the specific employee-dishonesty waiver in writing?

Professional Liability (E&O) Insurance in Virginia: FAQ

How much E&O does a Virginia exchange facilitator need?

At least $250,000 if using E&O; Virginia also allows equivalent cash or irrevocable letters of credit instead. ¹

Do all Virginia settlement agents have the same E&O requirement?

No. The cited $250,000-per-occurrence-or-claim rule applies to financial-institution subsidiaries and affiliates while acting as settlement agents, with annual filing and separate financial-responsibility requirements. ²

Sources for Professional Liability (E&O) Insurance in Virginia

1
Code of Virginia § 55.1-803: Errors and omissions insurance; cash or letters of credit. Virginia General Assembly; § 55.1-803(A)–(B); displayed 9/28/2026. Accessed 2026-09-28.
2
10VAC5-80-30: Financial responsibility requirements. Virginia Administrative Code, State Corporation Commission; 10VAC5-80-30; historical note: effective September 1, 1997; displayed 9/28/2026. Accessed 2026-09-28.
3
Virginia State Corporation Commission, Bureau of Insurance. Virginia State Corporation Commission, Bureau of Insurance; Official regulator website; insurance oversight and consumer/professional resources. Accessed 2026-09-28.
4
Insurance Department Directory. National Association of Insurance Commissioners; Virginia State Corporation Commission, Bureau of Insurance entry; official contact and website listing. Accessed 2026-09-28.
5
Licensing Center. National Insurance Producer Registry; State producer licensing and lookup resources. Accessed 2026-09-28.
6
Surplus Lines Insurance Premium Taxes. National Association of Insurance Commissioners; VA row; state surplus-lines premium-tax rate reviewed October 2025. Accessed 2026-09-28.
7
Guaranty Associations & Funds. National Association of Insurance Commissioners; Coverage of claims from insolvencies of insurers licensed in a state; surplus-lines insurers are nonadmitted. Accessed 2026-09-28.
8
Licenses. At-Bay; Current producer introduction and state table; At-Bay Insurance Services LLC; P&C and surplus-lines identifiers. Accessed 2026-09-21.
9
Licenses and Carriers. Coalition; Licenses and Carriers, re-read 22 September 2026: Insurance Licenses table for Coalition Insurance Solutions, Inc., national producer number 18419475, with producer and surplus-lines numbers for all 50 states and DC including California 0L76155, Georgia 196479, Texas 2199630 and 2205589, Pennsylvania 815731 and 817452, Colorado 539028 and Wisconsin 3000108852. Insurance Carriers table naming, with NAIC numbers, Allianz Underwriters Insurance Company 36420, Arch Specialty Insurance Company 21199, Ascot Specialty Insurance Company 45055, Ascot Insurance Company 23752, Aspen Specialty Insurance Company 10717, Chaucer Insurance Company DAC, Coalition Insurance Company 29530, Fireman's Fund Indemnity Corporation 11380, Fortegra Specialty Insurance Company 16823, Lloyd's of London, MSIG Specialty Insurance USA Inc. 34886, MS Transverse Specialty Insurance Company 41807, Steadfast Insurance Company 26387, Vantage Risk Specialty Insurance Company 16275 and Zurich American Insurance Company 16535. Accessed 2026-09-22.
10
Insurance Producer Licenses. Corgi Insurance; Current complete Insurance Producer Licenses table for Corgi Insurance Services, Inc.; 50 rows covering 49 states and DC (DC 3003091619); no New Mexico row; no NPN or as-of date shown. Accessed 2026-09-28.
11
About Hiscox US Insurance. Hiscox; Hiscox Insurance Company Inc. NAIC 10200 as Chicago, IL domiciled insurer admitted or licensed in all 50 states and D.C.; Hiscox Inc. as general agent and Lloyd’s coverholder for Syndicates 33 and 3624; surplus-lines placements through licensed surplus-lines brokers; A.M. Best rating statement. Accessed 2026-09-16.
12
Licenses. ERGO NEXT Insurance; Current entity-by-state license table reopened 28 September 2026: 50 rows under Next First Insurance Agency, Inc., including Washington, DC; New York rows instead list Next Insurance Services PC-1423070 and AP Intego BR-1198885. Accessed 2026-09-28.
13
Insurance Licenses by State. TechInsurance; Current state table; identifies TechInsurance as a division of Specialty Program Group LLC d/b/a SPG Insurance Solutions; lists DC 3000041536 and labels Rhode Island “Individual licenses,” without an agency license number. Accessed 2026-09-28.
14
Licenses. Vouch; Effective 16 January 2025: Vouch Specialty Insurance Services, LLC, NPN 19926463; P&C table (50 states and DC); surplus-lines table includes Idaho 870820; footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses; Idaho retained as producer-only due to conflict. Accessed 2026-09-15.

What Professional Liability (E&O) Insurance Requirements Apply in Virginia?

What Is Professional Liability (E&O) Insurance?

Virginia Professional Liability (E&O) Insurance Requirements

What to Watch for With Professional Liability (E&O) in Virginia

The E&O Amount Has a Noninsurance Route

Settlement-Agent Rule Covers a Narrower Class

Employee-Dishonesty Waiver Is Limited

Providers With Virginia License Records

At-Bay

Coalition

Corgi

ERGO NEXT Insurance

Hiscox

TechInsurance

Vouch